Core Viewpoint - Dabo Medical has shown a significant increase in stock price and financial performance, indicating strong growth potential in the medical device sector [1][2]. Financial Performance - For the period from January to September 2025, Dabo Medical achieved a revenue of 1.876 billion yuan, representing a year-on-year growth of 22.69% [2]. - The net profit attributable to shareholders for the same period was 425 million yuan, reflecting a substantial year-on-year increase of 77.03% [2]. - Cumulative cash dividends since the A-share listing amount to 1.442 billion yuan, with 307 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 14, Dabo Medical's stock price rose by 2.02% to 50.56 yuan per share, with a market capitalization of 20.933 billion yuan [1]. - The stock has increased by 66.60% year-to-date, with a recent 3.10% rise over the last five trading days [1]. - The company experienced a net inflow of main funds amounting to 1.8528 million yuan, with significant buying activity from large orders [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 17.38% to 22,800, while the average number of tradable shares per person decreased by 14.80% to 12,673 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited being the fifth largest, increasing its holdings by 6.6836 million shares [3].

Group 1 - The core point of the news is that Dabo Medical's stock has experienced a decline of 5.02% on October 17, with a cumulative drop of 7.15% over three consecutive days [1] - Dabo Medical, established on August 12, 2004, and listed on September 22, 2017, specializes in the production, research, and sales of high-value medical consumables [1] - The company's main business revenue composition includes trauma products (38.68%), spinal products (17.95%), minimally invasive surgical products (16.34%), joint products (10.37%), other products (9.27%), neurosurgical products (4.50%), and dental products (2.89%) [1] Group 2 - From the perspective of fund holdings, one fund under GF Fund has a significant position in Dabo Medical, with 161,500 shares held, accounting for 2.92% of the fund's net value [2] - The fund, GF Consumption Upgrade Stock (006671), has incurred a floating loss of approximately 444,100 yuan today and a total floating loss of 681,500 yuan during the three-day decline [2] - The fund was established on May 27, 2019, with a current scale of 200 million yuan, and has achieved a year-to-date return of 16.22% [2]

Group 1 - The core viewpoint of the news is that Dabo Medical has seen a stock price increase of 5.02%, reaching 56.11 CNY per share, with a total market capitalization of 23.231 billion CNY [1] - Dabo Medical, established on August 12, 2004, and listed on September 22, 2017, specializes in the production, research, and sales of high-value medical consumables [1] - The revenue composition of Dabo Medical includes trauma products (38.68%), spinal products (17.95%), minimally invasive surgical products (16.34%), joint products (10.37%), other products (9.27%), neurosurgical products (4.50%), and dental products (2.89%) [1] Group 2 - Southern Fund's Southern CSI 1000 ETF (512100) is among the top ten circulating shareholders of Dabo Medical, having increased its holdings by 141,900 shares in the second quarter, totaling 756,800 shares, which represents 0.26% of the circulating shares [2] - The Southern CSI 1000 ETF has achieved a year-to-date return of 27.27% and a one-year return of 47.41%, ranking 2099 out of 4220 and 1424 out of 3846 respectively [2] - The fund manager, Cui Lei, has been in charge for 6 years and 329 days, with the fund's total asset size at 94.976 billion CNY and a best return of 145.53% during the tenure [3]

Group 1 - The core viewpoint of the news is that Dabo Medical has seen a stock price increase of 5.09%, reaching 55.10 CNY per share, with a total market capitalization of 22.812 billion CNY [1] - Dabo Medical specializes in the production, research, and sales of high-value medical consumables, with its main revenue sources being trauma products (38.68%), spinal products (17.95%), minimally invasive surgical products (16.34%), joint products (10.37%), and others [1] Group 2 - From the perspective of fund holdings, one fund under Jiashi Fund has Dabo Medical as a top ten holding, with 204,000 shares held, accounting for 0.94% of the fund's net value [2] - Jiashi Research Selected Mixed Fund (070013) has achieved a year-to-date return of 11.47% and a one-year return of 25.29%, ranking 5506 out of 8173 and 5455 out of 7996 respectively [2] Group 3 - The fund manager of Jiashi Research Selected Mixed Fund is Chen Yong, who has been in position for 3 years and 117 days, and Xiao Mi, who has been in position for 8 years and 272 days [3] - The total asset size of Jiashi Research Selected Mixed Fund is 783 million CNY, while the total asset size of Xiao Mi's fund is 5.028 billion CNY [3]

Core Viewpoint - The company has emerged from the impact of centralized procurement, achieving strong growth in its traditional orthopedic segment on a low base, and successfully expanding into new business areas, maintaining a buy rating [1] Investment Highlights - The company maintains a buy rating, with projected EPS for 2025-2026 at 1.24/1.64 yuan, and a new EPS forecast for 2027 at 1.99 yuan. The target PE for 2025 is set at 36X, with an updated target price of 44.64 yuan (previously 42.65 yuan) [2] - In 2024, the company achieved revenue of 2.136 billion yuan (up 39.3% YoY) and a net profit attributable to shareholders of 357 million yuan (up 505%). The non-recurring net profit was 285 million yuan (up 2604%) [2] - In Q1 2025, the company reported revenue of 550 million yuan (up 28.8% YoY) and a net profit of 103 million yuan (up 67%), with non-recurring net profit at 97 million yuan (up 97%) [2] - The performance in 2023 was affected by inventory adjustments due to centralized procurement in 2021 and 2022, leading to a low base for 2024, which is expected to see continued growth as the impact clears [2] Orthopedic Product Lines - The core orthopedic product lines have recovered from the impact of centralized procurement, with trauma and spinal product lines showing continuous sales growth. In 2024, trauma product sales are expected to reach 821 million yuan (up 43.4%), with a gross margin increase of 3.67 percentage points to 75.34% [3] - Spinal product revenue in 2024 is projected at 388 million yuan (up 36.9%), with a slight decline in gross margin by 1.06 percentage points to 67.66% due to high prices before centralized procurement [3] - Joint products are also expected to maintain good growth, with projected revenue of 189 million yuan (up 21.1%) in 2024 [3] Non-Orthopedic Consumables - The non-orthopedic consumables business is showing good growth potential, aiming to contribute to a second growth curve for the company. In 2024, R&D investment is expected to reach 307 million yuan, accounting for 14.4% of revenue [4] - Minimally invasive surgical products are projected to achieve revenue of 363 million yuan (up 26.5%) with a gross margin increase of 1.77 percentage points to 78.19% [4] - Revenue from neurosurgical products is expected to be 103 million yuan (up 26.3%), dental products at 67 million yuan (up 28.2%), and other products at 162 million yuan (up 141%) [4]